Rec'd principal on a loan back but it was reported as Nonemployee comp. Is that right? Killing me in taxes
I loaned my brother's comp. 60K to purchase real estate. I rec'd dividend cks each quarter. he just retr'd the original 60K to me and reported it as Nonemployee comp. Is that correct? Leaves me with a staggering tax bill
01836
1 Best answer
BobB7
New Member
Jun 6, 2019 4:42:22 AM
It's not correct. He needs to file a corrected 1099-MISC showing a revised amount of zero.
1 Replies
BobB7
New Member
Jun 6, 2019 4:42:22 AM
It's not correct. He needs to file a corrected 1099-MISC showing a revised amount of zero.